Working in a different country and leaving your native land is a daunting task for anyone, but imagine how much worse it could be to run short of funds while there. A recent survey conducted by an independent organization has concluded that foreigners constitute almost 30%, or around 1,600,000, of the entire population in Singapore. Out of those foreigners residing in Singapore, 11% are serving professional jobs, and about 12% of the foreign population is working as health care providers, retailers, manufacturers, and are engaged in other business sectors.
What Are Foreigner Loans?
Singapore is counted amongst the cities with the highest costs of living in the world. Working professionals may find it difficult to cope with daily expenses and lie in bed stressed at nights. In unfortunate cases, working professionals can be even worse off when paid in their native country currency, and in those cases, a poor exchange rate can lead to even tougher odds against survival.
To help stave off this unfortunate circumstance, one can obtain a foreigner loan in Singapore to avert crisis or to lead a happy and successful life. These short-term, personal loans can help in raising immediate cash for urgent requirements and help in resolving issues or expenses related to daily survival. Most of the loan providers in Singapore ask foreign residents to show their employment pass or a proof of minimum income of around S$40,000 per annum to obtain a loan.
What If the Foreign Loan Requirements Aren’t Attainable?
Foreigners, who reside and work in Singapore, have plenty of options available for accessing personal loans and fulfilling their immediate cash requirements. If the bank or the moneylender refuses to provide them with a sizeable loan, then they can always still apply for payday loans. Application for a payday loan in Singapore grants a relatively small amount of money, roughly a pay check, to the applicant at a high interest to tide over any short term exigencies. The loan term is based on the agreement that the loan will be repaid as soon as the borrower receives their next wage. Offering immediate support to innocent borrowers and working professionals, these loans are offered in small increments, feature fast processing time and are guaranteed with a deed that clearly states payment terms upon receiving the next wage.
What Are the Basic Requirements of Applying for Foreigner Loans in Singapore?
Both loans are highly beneficial for borrowers who have urgent monetary requirements for meeting their daily needs or for meeting sudden large expenditures. However, loans for personal use aren’t recommended for people who have regular cash flow needs. Singapore’s licensed moneylenders offer immediate support in the form of a personal, foreigner, or payday loan and provide customized solutions to raise funds instantly. The following are some of the key factors that the applicant must fulfill to take advantage of a loan:
A duly-filled application form is required to be submitted to the bank or moneylenders
Fill in all the necessary details accurately to prevent delays in getting loan approvals
Attach the supporting documents serving as a proof of education, employment, current wealth, or any other important documents.
Provide a proof of identity with valid passport, Singaporean work pass, proof of current income, latest monthly pay slip or bank statement, and proof of Singapore residential address.
Once the loan applications and relevant documents are submitted, foreigners will get notifications about the changes in the status of their loan request. If the loan gets approval, the foreigners will be required to go through the agreement and sign the contract to get extra cash to meet their requirements.